Michiganders Have Saved More than $200 a Month Since “Lockdown”
Call it COVID credit. The restrictions on bars, restaurants, and theaters, along with cautious financial decisions have saved us money.
Americans and Michiganders were thrifty with their money, making good, solid financial decisions when faced with the Coronavirus crisis. It might seem counterintuitive given the current state of the economy, but the Consumer Credit report found that credit card debt in the US has plummeted since the start of the pandemic. In fact, 80% of people surveyed by financial support and lender Credit Ninja say that due to the pandemic, they are more likely now to put money into a rainy-day fund than spend it.
The disruption of the pandemic has caused everyone to re-evaluate spending habits. In many cases, closures, restrictions and limitations on bars, restaurants, bowling alleys, theaters, gyms and the like have curtailed entertainment and discretionary spending dramatically. Staying home may be no fun, but it's good for the budget.
So, how much money are people saving? In Michigan, the average is $231 a month, compared with $329 nationally. The average Alaskan saved the most since the start of the pandemic at $654. Comparatively, Louisianans saved the least at $149 each.
How does your household budget look? Has COVID changed the way you spend? Did your stimulus check go in the savings account, pay down a credit card or did you treat yourself?
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